Gate News Bot news, on September 16, according to CoinMarketCap data, as of the time of writing, MERL (Merlin Chain) is currently priced at $0.19, with a rise of 25.67% in the last 24 hours, reaching a high of $0.19 and a low of $0.13. The current market capitalization is approximately $185 million, an increase of $37.8 million compared to yesterday.
Merlin Chain is a native Bitcoin Layer2 network designed to unlock the potential of Bitcoin, supporting native L1 assets, users, and protocols. Merlin Chain offers low fees and high scalability, ensuring fast transaction processing and increased transaction liquidity as an EVM-compatible chain. It supports popular Bitcoin protocols such as BRC20, BRC420, Bitmap, Atomicals, Pipe, and Stamp, enabling a broader user base to interact on Bitcoin Layer2. Merlin Chain implements ZK-Rollup to enhance efficiency and scalability, ensuring transparency and security through decentralized oracles. The project is committed to fair launches and community-driven native Layer2 innovations, providing unique solutions for the Bitcoin network and its users.
Important news about MERL recently:
1️⃣ Large amount of MERL funds flowing out of the exchange
In the past 6 days, two large wallet addresses have withdrawn a total of 98.24 million MERL tokens from the exchange, amounting to approximately 14.9 million US dollars. This large-scale fund transfer may indicate that some investors are engaging in long-term holding or locking, reducing the circulating supply in the market.
2️⃣ MER liquidity contraction
A large number of MERL tokens leaving the exchange may lead to a temporary contraction in market liquidity. In this case, smaller buy orders could drive the price to rise rapidly, partly explaining the 25.67% rise in MERL over the past 24 hours.
3️⃣ Investors' confidence in the MERL project has increased
Large amounts of funds being withdrawn from the exchange are often seen as a bullish signal. This suggests that some large investors may hold a positive attitude towards the long-term development prospects of Merlin Chain and are willing to transfer tokens to private wallets for long-term holding.
From a technical perspective, after the MERL price quickly rose above the previous resistance level of $0.13, it may face profit-taking pressure in the short term. Investors need to closely monitor whether the price can stabilize around $0.19 to confirm the sustainability of the rising trend.
This message is not to be taken as investment advice; investors should be aware of market volatility risks.
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